Stock market today: The Indian stock market opened on a positive note on Thursday, driven by hopes for a possible India-US trade deal expected in November. Nevertheless, analysts have warned that the markets are currently in overbought territory and may experience some corrections in the short term. The Nifty 50 index opened at 25,394.90, up 71.35 points or 0.28 percent, while the BSE Sensex started the day at 82,794.79, up 189.36 points or 0.23 percent. Investor sentiment remained upbeat amid rising hopes for a successful outcome in the upcoming trade negotiations between India and the United States. Osho Krishan of Angel One, said that the next few sessions before the festival week are therefore a key point for the bulls, and traders should continue with the continuous approach of buying on dips. Multiple lows seen in recent sessions around 25,150 will act as immediate support, while the 20DEMA, which was strongly defended near 25,050 on Tuesday, will act as an important structural base. Krishan suggests buying Tata Consultancy Services Ltd (TCS) and Bank of Baroda stocks this Diwali. Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technicals and Derivatives, Angel One After two sessions of profit taking, prices resumed their primary uptrend and moved past last week’s high. Despite the recent jitters, we maintained a positive bias as Nifty 50 continued to hold firm above all short-term moving averages and key retracement levels. The broad-based buying seen today reinforces the bullish tone, and we now expect Nifty 50 to surpass the September swing high around 25,450 in the coming sessions. A sustained move beyond 25,450-25,500 will further strengthen optimism, indicating a breakout above the trendline connecting lower tops of the all-time high. This will effectively end the year-long consolidation phase and clear the way to the calendar year high of 25,670 in the near term. So the next few sessions before the festive week are a key point for the bulls, and traders should continue with the continuous approach of buying on dips. Multiple lows seen in recent sessions around 25,150 will act as immediate support, while the 20DEMA, which was strongly defended near 25,050 on Tuesday, will act as an important structural base. Given the supportive momentum and indicator setup, we expect any intraday declines to be bought in, with prices likely heading towards the mentioned resistance zone in the near term. Stocks To Buy This Diwali- Osho Krishan Stocks To Buy This Diwali Osho Krishan of Angel One recommended two stocks – Tata Consultancy Services Ltd (TCS), and Bank of Baroda. Bank of Baroda – The PSU banking space has been in the spotlight since the start of the September series, showing strong relative strength. After a brief consolidation phase, Bank of Baroda formed a solid base around the 230 zone and delivered a sharp rise to 265 in just a month. The chart setup remains robust, supported by sustained momentum and positive sectoral sentiment, indicating potential for continued outperformance. Therefore, we recommend buying in the 265–268 range for a potential upside target of 340, while maintaining a stop loss at 229. TCS share price has seen a significant decline, after falling nearly 25 percent in the current calendar year, and is currently located near a significant historical support zone, indicating a favorable risk-return ratio. The daily chart shows a bullish divergence between the price action and the 14-period relative strength index (RSI), suggesting an initial indication of a potential countertrend. In addition, the MACD histogram has reached historically low levels, representing extreme oversold conditions that could indicate the potential for a significant reversal. Moreover, TCS has underperformed compared to its respective index, indicating a divergence that could provide an opportunity for a relief rally in the coming period. Therefore, we recommend a BUY in TCS around 2,950 with a stop loss of 2,700 and a target of 3,500-3,600. Disclaimer: The views and recommendations given in this article are those of individual analysts. It does not represent the views of Munt. We advise investors to check with certified experts before making any investment decisions.
Diwali Picks: Osho Krishan recommends TCS, Bank of Baroda as stocks to buy for Samvat 2082
